Asian stocks fell on Monday after budget talks in the Netherlands collapsed over the weekend and a Socialist who wants to put France’s austerity plans in reverse won the first round of the country’s presidential election.

If Hollande wins a second-round election May 6, economists fear those steps would upset France’s delicate cooperation with Germany that has been key to Europe’s efforts to resolve its financial crisis.

U.S. stocks rose on Friday on the back of stronger profits from Microsoft, McDonald’s and other major U.S. corporations.

The Dow Jones industrial average rose 0.5 per cent to close at 13,029.26. The Standard & Poor’s 500 index rose 0.1 per cent to 1,378.53. The Nasdaq composite index fell 0.2 per cent to 3,000.45.

In energy trading, benchmark oil for June delivery was down 13 cents to $103.75 a barrel Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 to settle at $103.88 in New York on Friday.

The euro fell to $1.3187 from $1.3215 late Friday in New York. The dollar fell to 81.27 yen from 81.58 yen.